Good question.The short answer is: 99% of the world’s supply of...

Good question.

The short answer is: 99% of the world’s supply of PSG.

See RNU's LCA announcement (note 1 on page 5) which states, China currently accounts for approximately 99% of the world’s supply of PSG, with the Heilongjiang Province supplying 60% of global supply and the Shandong Province accounting for 24%. No other province accounts for more than 5%. Source: Benchmark Mineral Intelligence.

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The next question might be then, why don't we see that higher figure quoted in diagrams, surely that is more of a problem for exChina players?

Diagrams tend to be dumbed down because you would have to add the pre-process step (producing PSG before you then do the process of coating it) which complicates the 'raw material' supply situation and then becomes more confusing. Adding to this discrepancy is whether it comes from synthetic or natural graphite sources.

The bottom line is that China dominates the graphite sphere regardless and will maintain a monopoly throughout the decade regardless of what the west may do.

As Minviro estimated in RNU's LCA announcement, RNU will have a 3.5 lower carbon footprint over China's biggest source of supply in the Heilongjiang Province which accounts for 60% of world demand. And we are already cost competitive with them. So, as far as ESG credentials are concerned, what does that say about the costs that China may need to do to reduce their carbon footprint?

Prices are only going one way!

AIMO, DYOR GLTA(patient)H